2014 A N N U A L R E P O R T

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1 2014 ANNUAL REPORT

2

3 CONTENTS 4 Review by the Chairman of the Board 6 Group structure 7 Key figures in brief 10 Otava Group Agency 12 Financial statements 18 Group organisation 19 Contacts

4 We believe that reading will retain its status as a foundation block for Finnish well-being and success. 4

5 REVIEW BY THE CHAIRMAN OF THE BOARD 2014 and outlook for the future T rends in the media sector continued to be difficult in Finland in Net sales in our own operating sector publishing books and magazines continued to decline for the fourth consecutive year. A major change is underway: more and more people are reading using digital environments and consumers want content in electronic format. This change has led to great difficulties, particularly for publishers of printed media. It is difficult to adapt and safeguard profitability. The sector is facing a structural change in which overcapacity will need to be removed and unprofitable operations discontinued. So far, Otava Group has fared better than its competitors throughout the aforementioned sectoral changes: despite the decrease in net sales (2%), the Group s EBITA (EUR 37.1 million) and profit for the financial year (EUR 23.6 million) remained good and the equity ratio rose to a record level of 77.1%. The personnel will be paid bonuses for good results on a company-by-company basis. The high equity ratio will enable the company to participate in forthcoming mergers and acquisitions and invest in new and expanding businesses outside the sector. For this reason, Otava Group will become one of the key players in the overhaul of the sector saw a generational shift in the leadership of the Board of Directors. Henrik Ehrnrooth was elected as the new Chairman of the Board of Directors and Olli Reenpää became a Deputy Chairman of the Board. Implementing the generational shift in this manner means that good cooperation between the owners will continue, which is a prerequisite for success in private-sector companies. THE GROUP HAS ALL OF THE RESOURCES needed to succeed: professional, expert personnel, a strong balance sheet and opportunities for strategically important investments, and, above all, an exciting working environment and a joint aim to bring long-term success to Otava Group. In 2015, Otava Publishing Company Ltd will celebrate its 125th year in business by arranging a variety of events throughout the year. Every member of the Group s personnel will be paid an extra bonus in reward for their good, highly committed work, which has benefited Otava Group WILL BE A SPECIAL YEAR in another sense: 1815 saw the release of Henrik Renqvist s first publication, Yxi Sangen Merkillinen Historia Jumalan Hengen Suuresta Armotyöstä kolmen Judan tytärlapsukaisen tykönä. It is, therefore, 200 years since the Renqvist-Reenpää family began publishing. Juhani Salokantele s book about the story, Hengen paloa ja painettua sanaa, will be published in March This long history demonstrates the commitment of Otava s owners and personnel to the publishing business, which is an important part of the Group s identity. We are also looking the same distance into the future and we believe that reading will retain its status as a foundation block for Finnish well-being and success. Henrik Ehrnrooth Chairman of the Board Olli Reenpää Deputy Chairman of the Board of Directors OTAVA-KONSERNI 5

6 GROUP STRUCTURE Otava Ltd Otava Publishing Company Ltd Suomalainen Kirjakauppa Oy Otavamedia Ltd NettiX Oy Like Publishing Ltd DeCo Media Oy Ampparit Oy Kustannusosakeyhtiö Moreeni Ühinenud Ajakirjad AS Otava Book Printing Ltd Lakiperintä Oy Group structure 2014 THE GROUP S four business areas are book publishing (Books), book sales (Trade), magazine publishing (Magazines) and New Business Functions. The company was established in 1890 with the founding of Otava Publishing Company Ltd, which commenced printing operations in 1908 and magazine publishing in 1916 (Suomen Kuvalehti). Otava was a founding member of Otavamedia Ltd (1934, previously known as United Magazines Ltd) and The Great Finnish Book Club Ltd (1969). The Group expanded its online business with the acquisition of Plaza and NettiX Oy in 2006 and Ampparit Oy in In 2011, Otava Ltd acquired the entire stock of Suomalainen Kirjakauppa Oy. The Group s parent company is Otava Ltd. The Group is a private, independent, impartial and financially sound media corporation. BOOKS. The principal company of the Books division is Otava Publishing Company Ltd, the largest book publisher in Finland. The company publishes Finnish-language fiction, non-fiction and educational material. Like Publishing Ltd has been a part of the division since the beginning of Otava acquired a majority stake in Kustannusosakeyhtiö Moreeni on 31 December Otava Book Printing Ltd is a modern, versatile printing house and book-binding company that produces books for a number of publishers in Finland and abroad. The company s printing house operates in Keuruu, Finland. TRADE. Suomalainen Kirjakauppa Oy is engaged in the retail sales of books. The company has a network of 58 book stores. The store network covers all of Finland. It is the largest company in the sector and also has an online book shop, suomalainen.com. MAGAZINES. The Group s Magazines division comprises Otavamedia Ltd and its subsidiaries, which engage in the publication of magazines, periodicals and customer magazines and book club activities. Otavamedia s customer communications offices are located in Helsinki and Turku. Since 2011, DeCo Media Oy, a webcast and video production company, has been part of the division. The book club activities are undertaken under the Great Finnish Book Club brand. Otavamedia has a subsidiary in Estonia (Ühinenud Ajakirjad AS), which focuses on the magazine business. Suomen Golfpiste Oy, which has been part of the division since 2007, maintains the golfpiste.com portal and publishes Golflehti/GolfDigest. The company was merged with Otavamedia Ltd at the end of the year. NEW BUSINESS FUNCTIONS. The Group s New Business Functions comprise the Plaza portal and NettiX Oy, which were acquired in NettiX Oy s numerous websites serve as electronic marketplaces, the best known of which are nettiauto.com and nettivene.com. In spring 2012, NettiX Oy acquired 65% of the stock of Ampparit Oy. This company maintains the ampparit.com news site and sells media monitoring services. The second largest graphic communications publisher in Finland. 6

7 KEY FIGURES 2014 KEY FIGURES Net sales, M Operating profit, M Debt development, M GROUP INCOME STATEMENT M % M % M % M % M % Net sales EBITA Depreciation of goodwill and business acquisition costs Operating profit Profit before taxes Profit for the financial year Cash flow from operations BALANCE SHEET AND PROFITABILITY Capital expenditure Shareholders equity Non-current liabilities Current liabilities Equity ratio % Return on investment (ROI) % Return on equity (ROE) % Group personnel (average) BOOKS *) The figures for 2011 represent 12 months (included in the consolidation with Otava as from 1 October 2011) **) General-circulation, customer and online magazines Net sales , EBITA , , Operating volumes New titles published New editions Books sold, million Books printed, million TRADE *) Net sales EBITA Operating volumes: Number of customers, million Books sold, million MAGAZINES Net sales EBITA Operating volumes: Number of magazines and periodicals**) Annual magazine sales, million**) Books sold (Great Finnish Book Club), million NEW BUSINESS FUNCTIONS Net sales EBITA OTAVA-KONSERNI 7

8 Kjell Westö s Kangastus 38 ( Mirage 38 ) won the Nordic Council s Literature Prize. Reijo Mäki s Cowboy, Anna-Leena Härkönen s Kaikki oikein ( All correct ) and Enni Mustonen s Lapsenpiika ( Childminder ) were among the best selling Finnish novels of the year. The market considers Otava Book Printing to be a reliable Finnish company. The company is an important part of Otava Group s book-producing value chain and logistics operations. Otava, Like and the companies authors were strongly represented at the Frankfurt book fair, where Finland was the theme country. Otava s Book Foundation distributed grants, literature prizes and allowances totalling over EUR 1,000,000. Prizes and recipients: otavankirjasaatio.fi books Ari Mennander s Teemu an impressively illustrated biography of ice hockey legend Teemu Selänne is the best selling Finnish sports book in recent decades. The Finnish Book Art Committee selected Lasse J. Laine s book, Suomen luonto ( Finnish nature ), as the most beautiful Finnish book of the year. Pajtim Statovci s Kissani Jugoslavia ( My Cat Yugoslavia ) won Helsingin Sanomat s literature prize, which is awarded to the best debut work of the year The operations of online stores and shops were improved, resulting in better profitability. Strong investments in merchandise to support bookshops were successful and our sales increased clearly across almost all merchandise segments. Implementing the strategy resulted in improved stock rotation and return on the capital tied up in inventory. trade Suomalainen Kirjakauppa s 102nd year of business was successful despite challenging operating conditions. Planned store investments continued with the renovation of 10 stores during the year. As a result of successful sales work, the market share increased. 8

9 Editorial offices were Seura celebrated its 80th year, Koululainen its 70th year and Maalla its tenth year. DeCo Media won the Gold Award, Magic Eye and Grand Award at the WorldMedia festival for its video programme entitled A Second Chance, which was produced for NCC. organised into magazine families. An organisational change was implemented for consumer relationships and Customer Communication. A cooperation agreement with the Finnish Golf Union took effect at the beginning of magazines Customer Communication won two prizes (Overall Design, Metsä Board Magazine and Use of Photography, IssueX magazine) and two honourable mentions at the international FOLIO competition. Suomen Kuvalehti s new digital service has solidified the reader base and the number of users of the service increased. The digital services offered by Tekniikan Maailma and Erä were modernised. Sales of subscriptions to Seura, Metsästys ja Kalastus (which has now been published for more than 100 years) and Maalla began to grow. Ellit.fi became part of the Anna brand. Anna&Ellit are read by almost half a million people whose interests include lifestyle themes. Witpik, the media monitoring service offered by Ampparit, was comprehensively modernised. Nettix Oy is the market leader as an electronic market place in the motor sector. new business functions Otava Group is Finland s fifth largest online company. Thanks to our comprehensive range of online media, we regularly serve more than 2.7 million unique visitors every month. The biggest car marketplace in Finland, Nettiauto.com, registered more than one million unique browsers. OTAVA-KONSERNI 9

10 Otava Group Agency Finland was the Guest of Honor at the Frankfurt Book Fair. OGA was strongly present at the fair. OTAVA PUBLISHING LTD is a bold, principled publisher whose current roster of authors includes leading writers from Finland and abroad, much-loved storytellers and promising young authors. Otava also publishes pedagogically approved learning materials written by Finnish teachers and authors. Enthusiasm and commitment to high quality, as well as tradition and new ideas, walk hand in hand in our Art Nouveau style granite building in the heart of Helsinki. Otava Group Agency (OGA) was founded 2006 and it sells foreign rights to fiction, illustrated and narrative non-fic- tion, and children s and young adult s titles from Otava and LIKE publishing. We sell translation rights worldwide, directly and through sub-agents in selected markets, for authors and titles in all genres. 2014: FINNLAND. COOL. The Frankfurt Book Fair is the world s leading event for the publishing and media industries. Finland was designated the Guest of Honour for 2014, which was the country s most high-profile cultural export event ever. German publishers had invited 11 authors from Otava and three authors from Like to Frankfurt. OGA was strong- PHOTO PEKKA HOLMSTRÖM 10

11 ly present at the fair, selling translation rights. Otava s learning materials were also on display, as new ways of reading and learning were one of Finland s central themes as the Guest of Honour. The special year was celebrated with a great variety of cultural programmes in Germany and German-speaking parts of Europe, coordinated by the Finnish Literature Exchange (FILI) and the Finnish Institute in Germany. According to research commissioned by FILI, Finland s media coverage was greater than that of any previous Guest of Honour country. The interest was also noticeable at the fair amongst publishing professionals from all around the world. Finland s Granta* 3: Best of Young Finnish Novelists, published by Otava, was translated into English and given out to professionals in order to promote Finnish literature and authors. Several children s books represented by OGA have been extremely popular internationally. During the Frankfurt fair, five titles from Mauri Kunnas were sold to publishers from Turkey, the 36th country and the 33rd language for Kunnas s books. The picture books about the hilarious Oddville boys, Tatu and Patu, by Aino Havukainen and Sami Toivonen have been sold in 21 countries, and Siri Kolu s The Robbersons series has been sold in 18 countries. Ninka Reittu s picture books on Messi and the Mystery Cat have so far found foreign publishers in France, Germany, Denmark and Korea. OUR INTERNATIONALLY successful adult fiction authors include Riikka Pulkkinen, whose rights have been sold in 17 countries, Antti Tuuri whose novels have been published in 24 languages, as well as Kristina Carlson, Olli Jalonen, Kati Hiekkapelto, Juha Itkonen, and many more. The bright new star is Pajtim Statovci whose literary debut novel MY CAT YUGOSLA- VIA was sold to publishers in eight countries during OGA S TEAM * Minna Castrén, Publishing Director, General Publishing Leenastiina Kakko, Foreign Rights * Manager (Fiction) Katja Kaulio, Foreign Rights Manager * (Children s books, Young Adults) Teuvo Sankila, Publishing Director, * Educational Publishing Noora Sällström, Foreign Rights * Assistant (Non-Fiction, Comics) Milla Palovaara, Producer (Playrights) * * GRANTA is a literary magazine whose mission centres on its belief in the power and urgency of the story, both in fiction and non-fiction, and the story s supreme ability to describe, illuminate and make real. Granta was founded in 1889 by students at Cambridge University. My cat Yugoslavia by Pajtim Statovci was a success also internationally. OTAVA-KONSERNI 11

12 FINANCIAL STATEMENTS Board of Directors CHAIRMAN > MEMBERS > Henrik Ehrnrooth SINCE 1988 Olli Reenpää, Vice Chairman SINCE 1968 Jorma Ollila, Vice Chairman SINCE 1996 Eero Broman SINCE 2007 Heikki Lehtonen SINCE 1991 Alexander Lindholm SINCE 2008 DEPUTY MEMBERS > Pasi Vainio SINCE 2010 Minna Castrén SINCE 2011 Timo Kopra SINCE 2012 SECRETARY OF THE BOARD > Pekka Harju SINCE 2013 Ora Lyytikäinen SINCE

13 FINANCIAL STATEMENTS Review by the Board of Directors Business environment. The downturn continued and the situation of the Finnish national economy deteriorated owing to the crisis in Ukraine. General economic uncertainty grew towards the year s end. Gross domestic product decreased by almost one per cent year-on-year. There are some signs of growth in exports but not of overall economic growth. Unemployment increased to a rate of over 8% by the end of the year, according to Statistics Finland. Interest rates and inflation remained low. Investment figures have not begun to recover in earnest since the 2008 financial crisis. According to preliminary figures, retail sales decreased by more than 5% year-on-year and Christmas sales contracted for the second consecutive year. Online sales continued to grow, taking a share of more than 10% of all retail sales, but almost half of online orders are placed with overseas stores. The trend in the communications sector followed that of the economy in general. Book sales were down on the previous year, both in general literature and educational materials. Media sales decreased by almost 3% and magazine media sales by more than 15% year-on-year. The magazine sales market contracted in parallel with a decrease in circulation and it is now difficult to sell magazines to new customers. Online businesses continued to increase their share of the communications market but growth has decelerated. There is now a market in Finland for digital magazines and books, but their share of the overall market is still small. Business trends in the Group. Otava Group s net sales decreased by 2%. Otava Group s business result for the year was competitive in view of the general economic situation. The result and relative profitability remained good due to timely enhancement and adjustment measures as well as the changes in the company s operating procedures. Group organisation and structure. By and large, the Group s organisation and Key figures for the Group: Group Net sales, EUR million Operating profit, EUR million Net profit margin % Return on investment (ROI) % Return on equity (ROE) % Equity ratio % structure remained unchanged. At the end of the financial year, Otava Publishing Company acquired 60% of the shares in Kustannusosakeyhtiö Moreeni. The Group structure was simplified by incorporating Suomen Golfpiste Oy and Suomen Kuvapalvelu Oy into Otavamedia Ltd on 31 December In December, Otavamedia Ltd and A-lehdet Oy established Osuuskunta Suomen Lehtimiehet with the aim of safeguarding cost-efficient, high-quality logistics services in the longer term. Books. Net sales totalled EUR 51.5 (55.5) million, down 7% year-on-year. Operating profit was EUR 5.8 (6.3) million, or 11.3% (11.3%) of net sales. Although Otava Publishing Company s net sales and profit decreased, the company still generated a good result. The net sales of Otava Book Printing Ltd decreased and the result was weaker due to decreased volumes. Like Publishing Ltd s net sales increased and the result improved from the previous year. Trade. Suomalainen Kirjakauppa Oy s net sales were EUR (106.3) million, representing growth of 0.4% (0.2%). Operating profit improved considerably in comparison with the previous year thanks to more efficient product management. During the year under review, the number of revamped concept stores increased to 30, and the company increased its market share in book sales. Magazines. The magazine division s net sales totalled EUR (143.6) million, down by 4% (7%). Magazine subscription sales and media sales both fell from the previous year. Operating profit was EUR 22.5 (18.7) million, or 16.4% (13.0%) of net sales. Profitability remained stable despite the decrease in net sales as a result of measures that were taken to enhance efficiency and restructure operations. The net sales of the book club business decreased but its result remained on par with the previous year. Otavamedia Ltd s result remained good. The net sales of Suomen Golfpiste Oy increased and the result improved. DeCo Media Oy s business environment was difficult and the company made a loss. Sales at the Estonian subsidiary, Ühinenud Ajakirjad AS, decreased but the operating profit remained positive. Based on an agreement concluded with A-lehdet Oy during the financial period, the magazine businesses of the Estonian companies will be incorporated into Ühinenud Ajakirjad AS. Following the merger, Otavamedia Ltd will own 60% of the company and A-lehdet Oy will own 40%. The merger will take place in February New Business Functions. New Business Functions comprise NettiX Oy, Ampparit Oy and the Plaza portal. The business area continued to grow briskly (+15%) and it remained relatively profitable. Balance sheet, investments and financial position. In 2014, no material changes took place in the balance sheet structure or the balance sheet total. The OTAVA-KONSERNI 13

14 FINANCIAL STATEMENTS Group s equity ratio improved. It ended the year at 77.1% (72.8%). The Group s gross capital expenditure was EUR 5.9 (13.5) million. The most significant investments were made in store revamping and computer software. The Group s financial position and liquidity remained good. An extra capital repayment of EUR 9.7 million was made to reduce the outstanding long-term debt. In addition to accounts with credit facilities, the Group s liquidity has been secured using short-term credit limits. The Group s cash flow from operations totalled EUR 36.3 (32.1) million. Net financial expenses were EUR 0.3 (0.5) million, representing 0.1% (0.2%) of net sales. Risks. The Group has a well established position in the book and magazine markets, which have remained relatively stable. Annual estimates of the Group s overall book sales have not differed significantly from actual sales figures. The Group s companies use a time-based, title-specific obsolescence procedure, which keeps the risk of obsolete book stocks very low. The Group s magazine subscribers are long-term customers, who mainly pay for their subscriptions in advance. As a rule, agreements in the customer magazine market are made for at least twelve months. Fluctuations in the media sales market may be bigger, but the sector accounts for a smaller share of net sales than magazine sales. Trends in the prices of most of the goods and services needed by the Group are easy to predict. The Group has signed long-term agreements to make provisions for paper price fluctuations. The Group has invested in online businesses related to its core operations in order to secure growth as sales of printed products decrease and do not show any sign of improving. Based on the above, the risks related to the Group s operations are minor. A strong cash flow and high equity ratio safeguard the continuity of the Group s operations in the event of market disturbances or other risk situations. Risks have also been hedged with property and business interruption insurance policies. Board s proposal to the AGM The parent company s distributable funds are EUR 125,324 thousand, of which profit for the financial year made up EUR 26,721 thousand. The Board proposes to the Annual General Meeting that the distributable funds be used as follows: EUR thousand EUR 3.80 per share will be distributed as dividend 7,391 EUR 0.70 per share will be distributed as a 125- year dividend 1,362 to be left as equity 116, ,324 No material changes have taken place in the financial position of the company since the end of the financial period. The liquidity of the company is good and, in the Board of Directors view, the proposed dividends will not compromise the solvency of the company. Personnel In the reporting year, the Group s personnel numbers were as follows: Group Average number of personnel Salaries and remuneration (EUR thousand) The Group has had an incentive scheme in place for the entire personnel since Performance incentives will be paid to the personnel for results that have exceeded the targets set for each company using the earnings generated in In addition to this, the earnings for 2014 will also be used to pay a bonus to every member of the Group s personnel in celebration of Otava s 125th year of business. The bonus will correspond to one week s salary. In total, bonuses worth EUR 3.0 million will be paid to the personnel, including social security expenses. Resolutions of the general meetings. The Annual General Meeting held on 25 March 2014 elected Olli Reenpää, Henrik Ehnrooth, Jorma Ollila, Eero Broman, Heikki Lehtonen and Alexander Lindholm as members of the Board of Directors. Pasi Vainio, Minna Castrén, Timo Kopra and Pekka Harju were elected as deputy members. Henrik Ehrnrooth was elected as the Chairman. Ora Lyytikäinen served as Secretary of the Board. Kari Miettinen, Authorised Public Accountant, was re-elected as chief auditor, and Oy Audicon Ab, Authorised Public Accountants, as deputy auditor. The Annual General Meeting decided to distribute a dividend of EUR 3.50 per share, or EUR 6.8 million in total. Furthermore, the Annual General Meeting decided to authorise the Board to repurchase company shares representing up to 15% of the total stock with non-restricted equity. The authorisation is valid until the following Annual General Meeting. Shares. The company has 1,945,085 shares. The shares have no nominal value. Each share entitles the holder to one vote at the shareholders meeting. The transfer of shares is subject to a redemption clause in the Articles of Association. Outlook for Otava Group expects 2015 to be another challenging year. There are no positive signs for the Finnish economy, so the operating environment will remain difficult. Magazine subscriptions, which constitute a substantial part of the Group s net sales and profit, have become more difficult to sell. It is difficult to increase net sales in the print media sector in any case. It is essential to develop new business functions, despite the fact that sales of electronic books and magazines have been low and sales have grown more slowly than anticipated. Enhancement measures and new procedures will help to maintain the Group s result, which is currently good. 14

15 FINANCIAL STATEMENTS Consolidated Income Statement EUR million NET SALES Change in inventories of completed and unfinished products Other operating income Materials and services Personnel expenses Depreciation and impairment Other operating expenses Share of results of associated companies OPERATING PROFIT Financial income and expenses PROFIT BEFORE TAXES Income taxes Minority interest PROFIT FOR THE FINANCIAL YEAR Consolidated Cash Flow Statement EUR million Cash flow from business operations Investments Cash flow before financing Financing Changes in liquid assets Liquid assets at 31 December OTAVA-KONSERNI 15

16 FINANCIAL STATEMENTS Consolidated Balance Sheet M ASSETS NON-CURRENT ASSETS Intangible assets Tangible assets Long-term financial assets Total non-current assets CURRENT ASSETS Inventories Short-term receivables Cash and bank balances Total current assets TOTAL ASSETS Equity and liabilities SHAREHOLDERS EQUITY Share capital Share premium fund Reserve for invested non-restricted equity Retained earnings Profit for the financial year Total equity Minority interest LIABILITIES Long-term liabilities Short-term liabilities Total liabilities TOTAL EQUITY AND LIABILITIES

17 FINANCIAL STATEMENTS Auditor s report TO THE ANNUAL GENERAL MEETING OF OTAVA LTD. I have audited the accounting records, the financial statements, the review by the Board of Directors and the administration of Otava Ltd for the period 1 January December The financial statements comprise the consolidated balance sheet, income statement, cash flow statement and notes to the financial statements, as well as the corresponding documents for the parent company. RESPONSIBILITY OF THE BOARD OF DIRECTORS AND MANAGING DIRECTOR. The Board of Directors and the Managing Director are responsible for preparing the financial statements and the review by the Board, and for providing a true and fair representation in accordance with the regulations in force in Finland governing the preparation of financial statements and the review by the Board of Directors. The Board of Directors is responsible for appropriately arranging monitoring of accounting and asset management, while the Managing Director is responsible for ensuring that the accounts comply with legislation and that asset management has been arranged in a reliable manner. AUDITOR S OBLIGATIONS. It is my responsibility to express an opinion on the financial statements, consolidated financial statements and review by the Board of Directors based on the audit I perform. The Auditing Act requires that I comply with professional ethics. I have performed the audit in compliance with good accounting practices observed in Finland. Good accounting practices require that I plan and carry out the audit to obtain reasonable assurance of whether the financial statements or review by the Board of Directors contain material misstatement, and whether the parent company s Board members or Managing Director are guilty of any action or negligence that might lead to liability for damages towards the company, or have violated the Companies Act or the Articles of Association. An audit involves procedures to obtain audit evidence about the figures and disclosures in the financial statements and review by the Board of Directors. The selection of procedures is based on the auditor s judgement, which includes assessing the risk of material misstatement resulting from fraud or error. When assessing such risks, the auditor takes into consideration internal control, which is relevant to the company s preparation of financial statements and review by the Board of Directors, and should ensure that these documents give a true and fair view. The auditor assesses internal control in order to plan auditing measures appropriate for the circumstances, but not for the purpose of making a statement on the efficiency of internal control. An audit also includes evaluating the appropriateness of the accounting policies used, the suitability of accounting estimates made by the company s management, as well as the general presentation of the financial statements and the review by the Board of Directors. In my opinion, the audit evidence I have obtained provides a sufficient and appropriate basis for an audit statement. DECLARATION. In my opinion, the financial statements and review by the Board of Directors give a true and fair view of the results of the operations of the Group and the parent company and of their financial position, in accordance with the accounting provisions in force in Finland. The information in the review by the Board of Directors and the financial statements is consistent. Helsinki, 12 February 2015 Kari Miettinen, Authorised Public Accountant OTAVA-KONSERNI 17

18 GROUP ORGANISATION Group organisation 1 January 2015 Executive committee Chairman Henrik Ehrnrooth Olli Reenpää Eero Broman Alexander Lindholm Pasi Vainio Timo Kopra Pekka Harju Secretary Ora Lyytikäinen Board of Directors Chairman Henrik Ehrnrooth Otava Ltd CEO Alexander Lindholm* Finance and Administration CFO Ora Lyytikäinen* IT Administration CIO Maarit Laakkonen Books Pasi Vainio* Trade Timo Kopra* Magazines Pekka Harju* New Business Functions Jaakko Haapakangas Otava Publishing Company Ltd Managing Director Pasi Vainio General Literature Minna Castrén Educational Materials Teuvo Sankila Marketing Maija Kuusi Financial Administration Arto Tuokko Like Publishing Ltd Päivi Paappanen Kustannusosakeyhtiö Moreeni Pasi Vainio Otava Book Printing Ltd Managing Director Matti Uuttu Suomalainen Kirjakauppa Oy Managing Director Timo Kopra Sourcing Reetta-Liisa Pikkola Sales Mervi Jäntti Finance and Administration Pirjo Hämäläinen Otavamedia Ltd Managing Director Pekka Harju Publishing Unit 1 Katriina Kaarre Publishing Unit 2 Tarja Hurme Customer Communication Marjatta Leino Consumer Sales and Marketing Eija Männistö and Markus Rouhiainen Media Sales Tomi Takanen Financial Administration Antti Lahtinen Customer Service and Human Resources Anne Mantila Graphic Design Päivi Laakso, Image Production Tarja Hurme Plaza Jaakko Haapakangas NettiX Oy Veli-Matti Vänninmaja Ampparit Oy Managing Director Petteri Hannonen DeCo Media Oy Tomi Takanen Ühinenud Ajakirjad AS Managing Director Marko Tamme *Member of the Group s management team 18

19 Contacts Parent company OTAVA LTD PO Box 134, FI Helsinki, Finland Visiting address: Uudenmaankatu 10 FI Helsinki, Finland Tel Books OTAVA PUBLISHING COMPANY LTD PO Box 134, FI Helsinki, Finland Visiting address: Uudenmaankatu 10 FI Helsinki, Finland Tel LIKE PUBLISHING LTD PO Box 37, FI Helsinki, Finland Visiting address: Uudenmaankatu 10 FI Helsinki, Finland Tel KUSTANNUSOSAKEYHTIÖ MOREENI Uudenmaankatu 10 FI Helsinki, Finland Tel OTAVA BOOK PRINTING LTD Otavantie 11 FI Keuruu, Finland Tel Sales and Marketing: Uudenmaankatu 10 FI Helsinki, Finland Tel Trade SUOMALAINEN KIRJAKAUPPA OY Maistraatinportti 1 FI Helsinki, Finland Tel Magazines OTAVAMEDIA LTD Maistraatinportti 1 FI Otavamedia, Finland Tel OTAVAMEDIA LTD, CUSTOMER COMMUNICATIONS Maistraatinportti 1 FI Otavamedia, Finland Tel Kristiinankatu 3 B FI Turku, Finland Tel OTAVAMEDIA LTD / GREAT FINNISH BOOK CLUB Maistraatinportti 1 FI Otavamedia, Finland Tel DECO MEDIA OY Maistraatinportti 1 FI Helsinki, Finland Tel ÜHINENUD AJAKIRJAD AS Liivalaia 13/15 EE Tallinn, Estonia Tel New Business Functions NETTIX OY Maistraatinportti 1 FI Helsinki, Finland Tel AMPPARIT OY P.O. Box 6, FI Joensuu, Finland Visiting address: Kauppakatu 25 C, 3rd floor FI Joensuu, Finland Tel Skype: ampparit OTAVAMEDIA LTD / PLAZA.FI Maistraatinportti 1 FI Otavamedia, Finland Tel Plaza.fi OTAVA-KONSERNI 19

20 Annual report 2014 EDITING Kaisa Alapartanen, Otavamedia Ltd, Customer Communication DESIGN Tuija Tarkiainen COVER PICTURE Mirva Kakko/Otavamedia COVER PICTURE STYLING Pauliina Ristimäki REPRODUCTION Aste Helsinki Oy PRINTING Otava Book Printing Ltd

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